TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 133 - Division 293 tax  

Subdivision 133-C - Compulsory payment  

Debt account discharge liability

SECTION 133-120   MEANING OF DEBT ACCOUNT DISCHARGE LIABILITY  

133-120(1)  


The debt account discharge liability for a *superannuation interest for which the Commissioner keeps a debt account is the amount by which the debt account is in debit at the time the *end benefit for the superannuation interest becomes payable.

133-120(1A)  


However, if the end benefit cap for the *superannuation interest stated in a notice given to the Commissioner under subsection (2) of this section or section 133-140 is less than the amount mentioned in subsection (1) of this section, the debt account discharge liability for the superannuation interest is an amount equal to the end benefit cap.

133-120(2)  
If requested by the Commissioner, the * superannuation provider in relation to a * superannuation interest must give the Commissioner notice of the amount (the end benefit cap ) that is 15 % of the employer-financed component of any part of the * value of the superannuation interest that accrued after 1 July 2012.

Note:

If a person is dissatisfied with a notice given to the Commissioner under this subsection, the person may make a complaint under the AFCA scheme (within the meaning of Chapter 7 of the Corporations Act 2001 ).

133-120(3)  
For the purposes of subsection (2), the * value of the * superannuation interest is to be worked out at the end of the * financial year before the financial year in which the * end benefit becomes payable.

133-120(4)  
A notice under subsection (2) must be given:


(a) in the * approved form; and


(b) within 14 days of the Commissioner making the request.




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